Section 183Part 6 — Forfeiture of Cash and Property
Bankruptcy of defendant, etc.
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Where any order for bankruptcy is made against a person who holds realisable property —
any property for the time being subject to a restraint order made before the order for bankruptcy; and
any proceeds of property realised by virtue of this Act for the time being in the hands of a receiver appointed under sect io n 52 , is excluded from the property of the bankrupt for the purposes of the Bankruptcy Act ( 1997 R evision) .
Where any order for bankruptcy is made against a person, the powers conferred on the Grand Court to make restraint orders or to apply the proceeds of realisation and other sums or on a receiver by such order appointed shall not be exercised i n relation to —
property for the time being comprised in the property of the bankrupt for the purposes of the Bankruptcy Act ( 1997 Revision) ; or
property which is to be applied for the benefit of creditors of the bankrupt by virtue of a condition imposed under section 68 of that Act .
Nothing in the Bankruptcy Act ( 1997 Revision) shall be taken as restricting, or enabling the restriction of, the exercise of the powers conferred on a receiver or on the Grand Court to make restraint orders or to apply the proceeds of realisation and such other sums.
Subsection (2) does not affec t the enforcement of a charging order under the prior Law —
made before the order for bankruptcy was made; or
on property which was subject to a restraint order when the order for bankruptcy was made.
Where, in the case of a debtor —
the Tr ustee in Bankruptcy constituted by section 12 of the Bankruptcy Act ( 1997 Revision) has been ordered to become the receiver or manager of the property or business of the debtor; and
any property of the debtor is subject to a restraint order, the powers conferred on the Trustee by virtue of that Act do not apply to property for the time being subject to the restraint order.
Where any order for bankruptcy is made against a person who has directly or indirectly made a gift caught by this Act , sections 104 to 109 of the Bankruptcy Act ( 1997 Revision) shall not apply —
in respect of the making of the gift at any time when proceedings for an offence to which this Act applies have been instituted against that person and have not been concluded; or
w hen property of the person to whom the gift was made is subject to a restraint order or charging order.
Cross References
- Section 12 of Bankruptcy Act
Reference to Bankruptcy Act